Preheat oven to 350 degrees. Prepare and bake cake according to package. Use two 9 inch round cake pans. Cool a few minutes and then remove from pans. Let cool completely.

Mix together milk and pudding mix. Beat until well blended. Add peanut butter and mix well.

Trim cake tops if needed to make them flat. Place one of the cake layers on a serving platter. Spread one cup of the peanut butter mixture over the top. Place second cake layer on top. Stir whipped topping into remaining peanut butter mixture. Spread over top and sides of cake.

Melt the chocolate squares. Mix with peanuts. Drop by spoonfuls onto a waxed paper covered tray. Refrigerate until firm. Place on top of cake before serving.